Over Half Of Mortgage Borrowers Concerned About Renewals

Over half of Canadian mortgage borrowers are concerned about higher monthly payments when their mortgage comes up for renewal, according to a survey by RATESDOTCA and BNN Bloomberg. However, most respondents have a plan to help deal with the potential payment shock. Decreasing spending in other areas of their budget is the top action among those with a plan. Switching lenders isn’t part of the plan for over half of those polled. Fixed-rate borrowers, particularly those who secured ultra-low mortgage rates in 2020 and 2021, are expected to see the largest jumps when they renew in the coming years. Mortgage brokers have an opportunity to guide clients through this turbulent time.